IFAC defines member bodies' obligations on IFRS

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13 Apr 2004

The Board of the International Federation of Accountants (IFAC) has approved seven Statements of Membership Obligations (SMOs) designed to assist and direct IFAC's 158 member organisations and potential members in ensuring high quality performance by professional accountants.

The SMOs will be presented to IFAC's Council for ratification in November. Proposed effective date is 31 December 2004. SMO No. 7 International Financial Reporting Standards requires IFAC's member organisations to (among other things):

  • Support the work of the IASB by notifying their members of every IFRS.
  • Encourage their members to comment on IASB proposals.
  • Use their best endeavours to incorporate the requirements of IFRSs in their national accounting requirements, or where the responsibility for the development of national accounting standards lies with third parties, to persuade those responsible for developing those requirements that general purpose financial statements should comply with IFRSs, or with local accounting standards that are converged with IFRS, and disclose the fact of such compliance
  • To assist with the implementation of IFRSs, or national accounting standards that incorporate IFRSs.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.